The Federal Executive Council (FEC) has approved Nigeria’s full membership in the Asian Infrastructure Investment Bank (AIIB) as a non-regional member, signaling a major step forward in the country’s international economic strategy and infrastructure financing agenda.

Announced after the FEC meeting chaired by President Bola Ahmed Tinubu, the move aligns with Nigeria’s broader objective of strengthening institutional frameworks and attracting strategic funding for large-scale infrastructure development.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, confirmed the development to journalists at the State House in Abuja. “We have completed all legal, administrative, and financial requirements for Nigeria to formally become a member of the AIIB,” Edun said. “This bank is focused on promoting infrastructure and sustainable economic growth among its members, and Nigeria stands to benefit significantly.”

Though headquartered in Asia and largely composed of regional members, the AIIB welcomes non-regional participation. Nigeria, first invited in 2021, has now joined the ranks of other global economies leveraging multilateral financial partnerships to support long-term development.

As part of the membership process, Nigeria has subscribed to 50 shares in the bank, each valued at $100,000—totaling $5 million in capital contribution.

Edun also used the opportunity to reflect on the country’s strengthened macroeconomic position following the recent World Bank/IMF Spring Meetings in Washington DC. He highlighted increased international confidence in Nigeria’s economic reforms, referencing the International Monetary Fund’s Article IV Consultation and Fitch’s recent upgrade of Nigeria’s credit rating from B- to B with a positive outlook.

“These achievements reflect the credibility of President Tinubu’s reform agenda,” Edun noted. “We are now pivoting from economic stabilization to fostering rapid, inclusive growth capable of lifting millions out of poverty.”

In a parallel move to reinforce Nigeria’s economic base, the FEC also approved the transmission of a bill to the National Assembly for the establishment of the National Cocoa Management Board. The initiative is expected to revitalize the cocoa sector, a key component of Nigeria’s non-oil exports, and enhance regulatory oversight, supply chain traceability, and compliance with international trade standards.

The twin decisions underscore the federal government’s commitment to governance, risk, and compliance (GRC) in infrastructure financing and sectoral development. By joining the AIIB, Nigeria is also better positioned to benefit from regulatory technology solutions that support transparency, project monitoring, and cross-border investment due diligence.